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Red Cat Holdings anticipates fourth-quarter 2025 revenue between $24.0 million and $26.5 million, up 1,842% from $1.3 million year-over-year. The full-year revenue forecast is $38.0 million to $41.0 million, a 153% increase.

The surge follows the launch of Limited Rate Production for the 'Black Widow' drone, backed by a $35 million U.S. Army contract. Shares rose 53% to $14.03, with 20% sold short, increasing volatility.

Despite a net loss of $52.4 million in the first nine months of 2025, the company has $212.5 million in cash and receivables. Red Cat is expanding production in Utah, California, and Georgia to meet growing demand.